Tamaka Gold Corps Goldlund Project is situated near Dryden and Sioux Lookout, Ontario, adjacent to Highway 72.
Kesselrun acquired an undivided 10% non diluting interest in the Goldlund Project by incurring aggregate exploration expenditures on the property of $1,000,000 (see news releases dated November 20,2013, February 19, 2013 and July 17, 2014).
Kesselrun exercised its Put Right to transfer its 10% interest in exchange for $2,000,000 of senior unsecured convertible debentures in Tamaka Gold Corp, a private corporation, on August 15, 2014 (see news releae dated August 6, 2014) with the following summarized terms:
- 7 year maturity
- Earns interest at a fixed rate of 10% per annum
- Up to 50% of the interest may be paid in additional debentures
- The debentures are convertible into shares at 50% of the price ascribed to a share at the time of a liquidity event
Tamaka made a cash payment of $38,164.38 and issued Kesselrun a further $38,000 debenture for the 2014 accrued interest.
Tamaka made a cash payment of $101,900 and issued Kesselrun a further $101,900 debenture for the 2015 accrued interest. Kesselrun now holds a total of $2,139,900 in senior unsecured convertible debentures of Tamaka.
Michael Thompson, P.Geo, President & CEO of Kesselrun, is the Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information on this website.